Zacks Investment Research upgraded shares of BroadSoft, Inc. (NASDAQ:BSFT) from a hold rating to a strong-buy rating in a research note released on Monday. Zacks Investment Research currently has $63.00 price objective on the software maker’s stock.
According to Zacks, “BroadSoft, Inc. is engaged in providing software that enables fixed-line, mobile and cable service providers to deliver voice and multimedia services over their Internet protocol-based, or IP-based, networks. The Company’s software, BroadWorks, enables its service provider customers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications, such as hosted IP private branch exchanges, or PBXs, video calling, unified communications, or UC, collaboration and converged mobile and fixed-line services. BroadSoft, Inc. is headquartered in Gaithersburg, Maryland. “
A number of other brokerages have also recently issued reports on BSFT. William Blair reiterated an outperform rating on shares of BroadSoft in a research note on Thursday, October 5th. Northland Securities restated a hold rating and issued a $42.00 price target on shares of BroadSoft in a research note on Wednesday, October 4th. Jefferies Group LLC restated a buy rating and issued a $55.00 price target on shares of BroadSoft in a research note on Thursday, September 28th. ValuEngine upgraded BroadSoft from a sell rating to a hold rating in a research note on Friday, September 1st. Finally, Needham & Company LLC boosted their price target on BroadSoft from $48.00 to $55.00 and gave the stock a buy rating in a research note on Wednesday, September 6th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $50.00.
BroadSoft (NASDAQ:BSFT) opened at 53.3501 on Monday. BroadSoft has a 52-week low of $33.85 and a 52-week high of $54.70. The company’s market capitalization is $1.65 billion. The company’s 50-day moving average price is $50.06 and its 200 day moving average price is $43.10.
BroadSoft (NASDAQ:BSFT) last announced its quarterly earnings data on Monday, August 7th. The software maker reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.53. The business had revenue of $88.80 million during the quarter, compared to analysts’ expectations of $86.63 million. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 earnings per share. On average, equities analysts expect that BroadSoft will post $2.27 EPS for the current fiscal year.
In other news, insider Scott D. Hoffpauir sold 13,344 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total value of $640,512.00. Following the transaction, the insider now directly owns 114,398 shares in the company, valued at $5,491,104. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John D. Jr. Markley sold 3,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total value of $144,000.00. Following the completion of the transaction, the director now owns 22,839 shares in the company, valued at $1,096,272. The disclosure for this sale can be found here. Insiders sold 29,688 shares of company stock worth $1,458,384 over the last 90 days. Company insiders own 1.50% of the company’s stock.
Several large investors have recently bought and sold shares of BSFT. Swiss National Bank lifted its position in shares of BroadSoft by 3.1% in the first quarter. Swiss National Bank now owns 49,700 shares of the software maker’s stock worth $1,998,000 after buying an additional 1,500 shares in the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of BroadSoft by 22.7% in the first quarter. UBS Asset Management Americas Inc. now owns 10,799 shares of the software maker’s stock worth $434,000 after buying an additional 2,000 shares in the last quarter. Oxford Asset Management purchased a new stake in shares of BroadSoft in the first quarter worth about $525,000. Ameritas Investment Partners Inc. purchased a new stake in shares of BroadSoft in the first quarter worth about $102,000. Finally, JPMorgan Chase & Co. lifted its position in shares of BroadSoft by 94.8% in the first quarter. JPMorgan Chase & Co. now owns 24,853 shares of the software maker’s stock worth $1,000,000 after buying an additional 12,095 shares in the last quarter.
BroadSoft Company Profile
BroadSoft, Inc is a global provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications (UC) to their enterprise customers. The BroadSoft Business solution is a communications and collaboration offering that enables telecommunications service providers to offer businesses and other enterprises UC features and functionalities on a cloud-delivered basis without the need for traditional premise-based private branch exchange (PBX) equipment.
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